Book 2 - Appraisal Institute of Canada

Celebrating 70 Years
“I like this idea of
branding based on
high standards.
Members are constantly
expanding the kind of
work they do.”
are constantly expanding the kind of work they
do through services such as consulting and
project valuation.”
In the late 1960s, after a stint as AIC president,
Speed concentrated on expropriation and court
work. He promoted the value of this expertise
through weekly lectures to other appraisers, the
local bar society and banks.
As national chairman of the Education
Committee, he was a strong advocate of
education, rejoicing in the eventual tie-in with
UBC. Today, he stresses the importance of ongoing
education, advising appraisers to get involved in
local, provincial and national Institute activities,
while consistently attending conferences. “In this
day and age, with everything moving so fast,
take sabbatical time to keep up-to-date with
technology and practice,” he adds. “At the same
time, never forget to walk the lines.”
This advice is taken
straight from
the standards of
practice, which
Ivan Jorgensen,
AACI, P. App
(Fellow) of Prince
George, BC sees as
one of the biggest changes that have occurred
since he earned his accreditation in 1968. Since
then, an increasingly sophisticated system of
dealing with complaints against appraisers has
kept pace with the rising complexities of the
profession.
When he entered the profession, most AIC
members were either in mortgage lending or
public service. “Probably the biggest change has
been the growth of the fee sector over the years,”
says Jorgensen, who has served as a chapter chair
as well as provincial and national president over
the years. “It is an area that has become more
sophisticated, varied and specialized.”
“The key is to keep current
with new valuation
methods, while anticipating
and understanding
clients’ needs.”
He commends the Institute for responding
to these changes with such timely initiatives
as effective and affordable self-insurance for
liability, as well as health, life and disability
insurance. At the same time, he applauds
developments in education that led to
university-based programs.
“The key is to keep current with new
valuation methods, while anticipating and
understanding clients’ needs,” says Jorgensen,
adding that this responsibility falls not only to
the AIC, but to every appraiser. “The challenge
in today’s increasingly global economy is trying
to anticipate future trends using historical
data. Appraisers should always keep abreast of
developments in the marketplace.”
In Montreal,
Benoit Egan,
AACI, P. App
points to such
growing trends
as development
of real estate
projects under
private/public partnerships (PPPs). Over the
last decade, pension funds have become more
active participants in real estate acquisition,
while, in the last three to five years, Real Estate
Investment Trusts (REITs) have done the same.
“The players have changed and so has
the ownership structure,” says Egan who
has been practicing for 30 years. “Appraisers
should not be afraid to extend their expertise
to encompass consulting work, including
feasibility studies, market studies and financial
engineering of real estate deals.”
While he foresees a decline in the need
for the traditional production of appraisal
reports, he forecasts a bright future for any
consulting that encompasses a comprehensive
understanding of real estate dynamics and
economics. “We have to adapt our practice
to the needs of the industry and not the
reverse,” says the former member of the
National Governing Council and of the Executive
Committee. “The industry is definitely looking
for competent experts.”
“Appraisers should not
be afraid to extend their
expertise to encompass
consulting work.”
Canadian Property Valuation Volume 52 | book 2 | 2008 Évaluation Immobilière au Canada 21